Kim Morque of Sustainable Playland speaks at the announcement of a management agreement with the group. With CE Rob Astorino and Dan Biederman, who will manage the park.

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Declaring that Playland Amusement Park will die without reinvention, Westchester County Executive Rob Astorino has announced a 10-year asset-management agreement with the nonprofit Sustainable Playland to operate the historic amusement park and surrounding parkland.

The agreement comes with a second 10-year option and would bring $34 million in new investments to the park. Sustainable Playland would also pay the county $4 million upfront and an annual payment estimated to reach $1.2 million once the new plan for the park is fully operational.